Retail premises for sale in Cheltenham GL50

Offers over £600,000 < Back to search results

  • image
Under Offer

Property Description

Cheltenham is a Regency Spa Town famed for The Gold Cup Horseracing Festival and a strong Retail Centre. The town hosts on an annual basis International Literature Music Science and Jazz Festivals meaning the town’s residential population of 115,000 persons and affluent catchment population of 388,000 persons is often swelled by festival goers throughout the year.

14 Suffolk Parade is situated at the corner of Suffolk Parade and Daffodil Street in the niche ‘The Suffolks’ area known for its specialist retailers, bars and restaurants. Suffolk Parade can be accessed from either Suffolk Road (A40) or Montpellier Terrace.

14 Suffolk Parade provides an end of terrace Grade II Listed Building currently used as a ground floor hairdressing salon with lower ground floor self contained flat and four upper rooms partially in use as bedsitting rooms (one occupied, three vacant). To the rear there is a courtyard providing parking space and a garage and store building on the corner of Daffodil Street with Montpellier Retreat.

The property offers significant potential for development/conversion of the upper floor rooms to provide self contained residential accommodation, enhancement of the ground floor retail rent and redevelopment of the garage/store building (subject to appropriate planning consent).
There is one external narrow car parking space between the garage wall and Montpellier Retreat.

Mains gas, electricity, water and drainage are connected. Drainage from the building is connected to the main sewer via a pump in the rear courtyard which is maintained by Severn Trent Water at no cost to the property owner. Each individual area is separately metered for electricity purposes. Broadband - Internet connection is currently available via Virgin Media.


Tenancies


Ground Floor Shop
Let to a private individual for a term of 12 years from 22 March 2021. The rent will be reviewed at the end of every third year. The tenant has the right to terminate the lease in the third of the term by providing the landlord with not less than six months written notice and there is a Covid rent reduction in place contained in the lease agreement. The landlord holds a rent deposit. The shop lease is excluded from the security of tenure provisions of the Landlord & Tenant Act 1954.

Garage Premises
The garage and store premises are let on a lease to a private individual on a term that commenced on 2nd December 2019 at a rental of £300 per calendar month. The lease is revocable at anytime by either the landlord or tenant providing one months notice to the other. The lease is excluded from the security of tenure provisions of the Landlord & Tenant Act 1954.

Lower Ground Floor Flat
The flat is let on an Assured Shorthold Tenancy at a rent of £667 per calendar month.

Room Two
Let on an Assured Shorthold Tenancy at a rent of £445 per calendar month (including electricity and heating).

*Rooms Three, Four and Five are currently not let.

Subject to Contract
Offers over £600,000 are invited for the freehold interest, subject to the existing tenancies granted.

The property is not currently elected for VAT.

Location

Bird Eye View